Statistically, women outlive men. That means that the estate plan, or lack of estate plan, will often be played out by us. If there is no will, no power of attorney, no trust protecting our assets, women are often left holding the bag, with no good results. Often women do not manage the money side of things, and when pushed into that role by the illness or death of a spouse, all the grief and dislocation can be magnified by a sense of panic – needing to deal immediately with complex legal and financial concepts which can have long term consequences – sometimes impacting the rest of our lives.
Educate yourself, find an estate planning lawyer that you trust, and who can explain your options. Find a financial planner, again, someone you trust, who will take the time to explain things until they really make sense. Know who you want to call when you need them; don’t be in the position of having to find an advisor when you are desperate. Put a plan in place. This can be easier than you think, and while there will be some costs involved, consider what could happen without any planning. An old plan (you know the one you did when the kids were little) may not work now that you are 62 and thinking about retirement.
Start planning now, before there is a crisis, and save yourself money, stress and time.